Special Features

Beat the tech – and your competitors

Nasima Begum - Spotcap UK
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10th June 2019
Nasima Begum Spotcap
"I might help speed up the application process by calling the client’s bank to ask for assistance in obtaining the required documents for our online portal. "

Online loan application portals, automated emails and credit assessment algorithms – business finance without the use of the latest technology would be unthinkable nowadays.

That said, things rarely go completely according to plan and it’s often having a personal touch that leads the way toward finding the best solution. The outcome is happier clients and more business. But how can you get there? Let me give you some examples.

The loan application

When applying for a loan, you might receive an automated email to acknowledge that a new application has been submitted. But in addition to that – and as part of my sales support role – I contact a broker or client directly to follow up to let them know that we are reviewing the application. The real time update is always much appreciated. In other instances, I might help speed up the application process by calling the client’s bank to ask for assistance in obtaining the required documents for our online portal. Helping in this way is often the difference between a completed application and one that fails to reach our underwriters.

The decision

The documents have been submitted, the underwriters have completed their assessment and a decision has been made. At this point some lenders use transactional emails to let the broker know. However, if you are like me and value the sound of a familiar voice, it’s time to pick up the phone. Approval or not, hearing the reasons behind a decision is something that brokers and clients really value.

Before making the call, I make sure to speak to our underwriting team so I can give clients and brokers an informed reason for their loan decision. This contact may even result in us advising a client – whose application has been declined – that they could be approved in a few months’ time, so a business opportunity isn’t missed.

Maintaining and growing relationships

Many brokers I speak to tend to value personal relationships and go above and beyond to help their clients. It’s important for them to understand their clients’ business needs, discuss current challenges and learn more about their future plans. That way, many brokers I know have spotted additional business opportunities.

After deals have crossed the line and the dust settles, we’re keen to keep our quality brokers close. In-person meetings are one of the most enjoyable aspects of my role. Not only does it present an opportunity to review previous cases, but it is also a chance to discuss new ones. Most of all, it helps me to get to know the people behind the deals and for them to get to know me. Understanding quirks and preferred practices of our partners can ensure a smoother process for the next deal. These are things that play an important part in the overall process and experience but can’t be addressed solely by technology.

As we all look to meet targets, complete deals and serve businesses across the UK, it’s important to not only rely on the never ending supply of new technology. A conscious effort to humanise the loan experience and ensure a pleasant process for clients, brokers and lenders is equally, if not more important.

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